India, July 11 -- The British pound weakened against other major currencies in the European session on Friday, as the UK economy shrank for the second consecutive month in May, adding challenges to Chancellor Rachel Reeves in achieving her self-imposed borrowing rules.
Some economists anticipate that the weak U.K. GDP data suggests that the Bank of England (BOE) is likely to cut interest rates in its next monetary policy meeting held on August 7, 2025.
Data from the Office for National Statistics showed that Gross domestic product fell unexpectedly by 0.1 percent in May, following a 0.3 percent drop in April.
GDP was forecast to grow 0.1 percent. Moreover, this was the second straight month of decline.
Among three main sectors, industri...